Updated from 12:39 p.m. EST
Sirius XM (SIRI) said it will file its annual report later than expected because senior management has been focused on recent refinancing transactions.
The New York-based satellite radio company said it will file its 10-K annual report with the Securities and Exchange Commission no later than March 17. On that day, Sirius XM said it will also hold a conference call to discuss its financial and operating results.
Shares of Sirius XM closed down 2 cents, or 11.9%, to 14 cents.The conference call will be Sirius XM's first since being rescued by Liberty Media. In February, Liberty helped save Sirius XM from a potential bankruptcy filing with a $530 million loan infusion giving billionaire John Malone's company a 40% stake in the satellite radio provider. Liberty's rescue of Sirius XM has two phases, with one part already completed. The second stage of the Liberty investment calls for another $150 million loan to XM Satellite Radio, with an agreement to buy $100 million in XM loans outstanding. EchoStar (SATS), which sells set-top boxes and was the former parent of Dish Network (DISH), had also reportedly been trying to gain control of Sirius XM, going as far as to accumulate a large amount of Sirius XM's debt. EchoStar is controlled by Charles Ergen, who had offered to restructure Sirius XM's debt and inject several hundred million dollars of capital into the company in return for control, according to several media reports. Earlier Monday, Dish Network said its fourth-quarter profit jumped 24% from a year ago, although the company still fell short of Wall Street's expectations. Liberty Media has several tracking stocks: Liberty Interactive (LINTA), Liberty Capital (LCAPA) and Liberty Entertainment (LMDIA).
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